Gold prices continued to slide for the second straight week, pressured by a stronger dollar, easing geopolitical tensions, and the US Federal Reserve’s cautious signals on rate cuts that dented demand for safe-haven assets.On the Multi Commodity Exchange (MCX), gold futures for December delivery fell Rs 2,219, or 1.8 per cent, over the week. The…
State Bank of India (SBI) on Saturday said it has executed its first gold trade as a special category client (SCC) on the India International Bullion Exchange (IIBX), marking a key step in reshaping India’s bullion import framework.The move, SBI said, signals “a transformative era” for the bullion trade by enhancing efficiency, transparency, and accessibility,…
Warren Buffett’s Berkshire Hathaway reported a 17% rise in quarterly profit, boosted by a rebound in its insurance operations and gains from investments, even as the legendary investor prepares to hand over the reins to Vice Chair Greg Abel in January, AP reported.The company said on Saturday that it earned $30.8 billion, or $21,413 per…
China on Saturday said it will exempt certain Nexperia semiconductor products from an export ban imposed amid a dispute with Dutch authorities, signalling a partial easing of tensions that had alarmed European businesses.Anxiety over potential chip shortages had mounted after the Netherlands invoked a Cold War-era law in late September to take control of Nexperia,…
In a major step towards restructuring its operations, Eastern Coalfields Ltd (ECL) has reopened two previously closed mines under the Mine Developer and Operator (MDO) revenue-sharing model. The move, inaugurated virtually by Union Coal Minister G Kishan Reddy on Saturday, marks a strategic shift aimed at reviving loss-making assets and improving operational efficiency, PTI reported…
High-value Rs 2,000 denomination notes worth Rs 5,817 crore remain in circulation, the Reserve Bank of India (RBI) said in data released on Saturday.The central bank had announced the withdrawal of Rs 2,000 notes from circulation on May 19, 2023, while clarifying that the currency continues to remain legal tender, PTI reported.According to the RBI,…
India’s power consumption fell 6% year-on-year to 132 billion units (BUs) in October from 140.47 BUs in the same month last year, mainly due to lower use of cooling appliances and unseasonal rains across several regions, PTI reported.Experts attributed the decline to the combined impact of widespread rainfall and the early onset of winter, which…
India’s gross Goods and Services Tax (GST) collections rose 4.6% year-on-year to about Rs 1.96 lakh crore in October, driven by festive demand and pent-up consumption, according to government data released on Saturday.The increase came despite GST rate cuts on 375 items–from kitchen essentials to electronics and automobiles–that took effect from September 22, coinciding with…
During their latest meeting in South Korea, US President Donald Trump and Chinese President Xi Jinping managed to cool the intense trade stand-off between their countries briefly. The two leaders reached a provisional deal: the US would trim tariffs on Chinese goods by 10%, bringing the rate down to 47%, while China would pause its…
NEW DELHI: American automaker Ford is returning to India, but this time to manufacture engines and not cars. The company on Friday said it will invest Rs 3,250 crore to produce new generation engines at its Chennai plant.The automaker, which exited the Indian market in 2021, said it has signed a memorandum of understanding with…